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Obama seeks new 'foundation' for economic growth

(AP) - President-elect Barack Obama warned of dire
and lasting consequences if Congress doesn't pump unprecedented
dollars into the national economy, making an urgent pitch Thursday
for his mammoth spending proposal in his first speech since his
election.

Since his November election, he has deferred to President George
W. Bush on foreign policy matters such as the Middle East. But,
with the urgency of the economic crisis, Obama has waded deeply
into domestic issues as he works to generate support for his plan
to create jobs, jolt the economy and make long-term investments in
other areas.

“The very fact that this crisis is largely of our
own making means that it is not beyond our ability to solve.”

President-elect Barack Obama

In the speech at George Mason University outside of Washington,
Obama cast blame on "an era of profound irresponsibility that
stretched from corporate boardrooms to the halls of power in
Washington."

But he added, "The very fact that this crisis is largely of our
own making means that it is not beyond our ability to solve. Our
problems are rooted in past mistakes, not our capacity for future
greatness."

Obama laid out goals of doubling the production of alternative
energy over three years, updating most federal buildings to improve
energy efficiency, making medical records electronic, expanding
broadband networks and updating schools and universities.

Still, his remarks shed little new light on the details of his
plan that could cost as much as $775 billion over two years in tax
cuts and spending intended to jolt the economy and create new jobs.

The speech marked Obama's highest-profile effort yet on an issue
certain to define and dominate his early presidency.

"I don't believe it's too late to change course, but it will be
if we don't take dramatic action as soon as possible," he said.

Governors of six states and mayors of 14 cities - a bipartisan
audience that came from as far away as Minnesota and Utah to be
among the few hundred in attendance - listened to the speech that
lasted less than a half hour. Included were Mayor Michael Bloomberg
of New York City.

Obama asked Congress to work day, night and on weekends if
necessary to pass a revival plan within the next few weeks so that
it can be ready for his signature shortly after he takes office on
Jan. 20.